A prominent figure in the cryptocurrency trading community, known for accurately predicting the 2022 market bottom of Bitcoin, has now presented a detailed forecast suggesting a significant rise in Bitcoin’s value. In a recent strategy session, the top crypto analyst, DonAlt, shared his insights with over 56,400 YouTube subscribers, focusing on Bitcoin’s potential trajectory in the wake of spot market Bitcoin exchange-traded funds (ETFs) approvals.
DonAlt’s bullish scenario envisions Bitcoin breaking past previous resistance levels and aiming straight for a $60,000 valuation. He anticipates that upon reaching this milestone, Bitcoin will undergo a swift and sharp correction. However, this pullback, according to DonAlt, should be viewed as a prime buying opportunity, paving the way for an even more substantial rally that could propel Bitcoin’s value to as high as $90,000.
He elaborates on the significance of the $60,000 mark, noting it as a critical resistance level tested twice before. DonAlt speculates that the market’s reaction to this level, especially if approached with leverage, could lead to a notable pullback. This pullback, he suggests, should not deter investors, as it presents a strategic buying moment. He asserts that a third test of the $60,000 resistance is unlikely to hold, potentially leading to a surge towards $70,000, $80,000, or even $90,000.
On the flip side, DonAlt also outlines a bearish scenario where Bitcoin could see a decline, targeting its high time frame support around $35,000 in the coming months. He mentions that the approval of the ETF opens the door to reassessing Bitcoin’s chart levels. DonAlt expresses a conditional readiness to reengage in active trading, depending on Bitcoin’s movement towards either retesting the $35,000 or $45,000 levels in the next three months, or if it surges directly upwards.
Of course, DonAlt is talking about the short to medium-term future of the Bitcoin price. For the long-term, perhaps, the best person to talk to is Cathie Wood.
During a recent interview on CNBC’s “Squawk Box,” Wood, who is ARK Invest’s CEO, had an extensive conversation with co-anchor Andrew Ross Sorkin about the future of Bitcoin, covering various aspects from its price trajectory to its role in the financial system.
Cathie Wood, renowned for her progressive insights in technology and finance, reiterated ARK Invest’s optimistic outlook on Bitcoin. She referred to their “Big Ideas” report, which lays out the basis for their Bitcoin price prediction. According to the report, Bitcoin might reach approximately $600,000 in a base case scenario. More strikingly, Wood pointed out that their bullish scenario, now more likely due to the U.S. SEC’s nod to multiple spot Bitcoin ETFs, suggests Bitcoin could escalate to $1.5 million by 2030.
Wood discussed Bitcoin’s revolutionary role, describing it as the first-ever global, decentralized, digital, and rules-based monetary system. She emphasized its potential to fundamentally alter the global financial landscape.
On whether Bitcoin needs to transition from an asset to a recognized currency to achieve these projections, Wood confirmed this evolution. She recalled ARK’s initial 2015 paper on Bitcoin, still accessible on their website, which examined Bitcoin’s capacity to serve as a store of value, a medium of exchange, and a unit of account. Wood affirmed that Bitcoin is well-positioned to fulfill these roles.
The conversation also veered into the intersection of artificial intelligence and Bitcoin. Wood mentioned a “Bitcoin Brainstorm” session with Bitcoin Park in Nashville, focusing on how this synergy could revolutionize the division of labor. She foresaw a notable impact on the gig economy, especially in emerging markets like Africa, where such changes are already taking place.
Lastly, Wood brought attention to the often-unrecognized work of developers enhancing Bitcoin’s infrastructure. She underscored the significance of the Lightning Network in augmenting Bitcoin’s base layer, deeming it vital for the cryptocurrency’s continued growth and wider adoption.
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